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We want to dial it down and wait and see how January
develops. Right now, decide on the percentage you want to be invested and stay
there until the market indicates you are on the right track and in the right
names. Looking at a weekly MarketSmith Chart of the NASDAQ and the S&P500,
we see that the last two Januaries were favorable, which I view as a contrarian
indicator considering the market moves to fool the masses. Along with a strong December
and overall year, it appears that we could be set up for a difficult
January. So the probabilities are against us having a good January.
we are interpreters and not predictors, we will let the market dictate our
actions. Considering the six distribution days currently on the Nasdaq,
(and the additional distribution day today) we must consider the potential for further
weakness. Additionally, the market is due for a correction of more than 10%. Most
corrections tend to start in January or April.At this point, we don’t know where we’re headed but we do
know the various probabilities and we are adjusting accordingly.
Follow Scott O'Neil at Twitter.com/WScottOneil
Hi All and thanks for the post Scott.
Good to keep it in perspective that we're not predictors but instead respond to what the market does. It was good to hear Bill state (paraphrasing here) that each day he woke, that he didn't know what the the Market would do but responded....
Many good companies are slated to report the last week in Jan and first two weeks in February. Reflecting back on the good ones for 2013, for me, they were the ones that didn't falter or were breaking out prior to the market condition changing to uptrend.
While I have not written much this past year, I am appreciative of IBD and MS and thought I'd post here.
Good luck to all in 2014,
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